Millennials and car payments
Millennials are often associated with less-than-stellar stigmas. However, this collective group of individuals — those born between 1981 and 1997 — is currently the largest living generation, and a major influence on the health of our economy.
Often characterized as “lazy,” “entitled,” and even “demanding,” millennials come out of the gate with much to prove. One of the biggest stereotypes surrounding the generation is its members' emotional and financial dependence upon their parents. While this might not be totally off-base (24 percent of millennials reported receiving help from their parents with a bill or two), many millennials work hard, earn their own money, and even want to invest it.
We polled more than 3,000 Americans between the ages of 18–34 and found the following:
- 65% of millennials think paying off a car is a worthy investment.
- More than half of these respondents make their own car payments, with only 8% saying their parents make them.
- 26% of millennials are willing to spend just $100 on a monthly car payment, at most.
Despite the negative stigmas, our findings showed a large percentage of millennials valued owning a car, and even intended to make payments without the help of an older individual...they’re just a little confused as to what it might actually cost them.